State Oil Fund of Azerbaijan
Encyclopedia
The State Oil Fund of Azerbaijan (SOFAZ) is the state-owned fund managing financial assets generated by oil and natural exploration and development in Azerbaijan
. It's located on Neftchiler Avenue
in Baku
.
Decree No. 240 in order to ensure intergenerational distribution of financial profits yielding from exploration, development and exploitation of Azerbaijani oil fields by safeguarding economic security for future generations. Shahmar Movsumov has been the Executive Director of the fund since May 15, 2006. The supervisory board consists of seven members, including two members of the Milli Majilis
, who are nominated by the Speaker of Parliament.
The fund conducts trading on New York Stock Exchange
and NASDAQ
and will be enhancing its financial operations in domestic stock market as well.
As of August 2010, the fund assest are reported at $18.1 billion with AZN
6.1 billion earned and AZN 2.6 billion spent in the first half of 2010. AZN 2.455 billion was transferred to the state budget, AZN 34 million were spent on improvement of social conditions of Azerbaijani refugees and IDP
s; AZN 74.8 million and AZN 53 million were spent on reconstruction of Samur
-Absheron
irrigation system and construction of Oghuz
-Gabala
-Baku
water supply system, respectively; AZN 1.5 million for financing of Baku-Tbilisi-Kars Railway and AZN 2.8 million for education abroad in 2007-2015 programs of Azerbaijani youth.
Azerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
. It's located on Neftchiler Avenue
Neftchiler Avenue
Neftchiler Avenue is an arterial road in Baku, Azerbaijan. It begins at the west end of the Bayil district of Baku and continues east until terminating at Javanshir Bridge intersecting Uzeyir Hajibeyov Street....
in Baku
Baku
Baku , sometimes spelled as Baki or Bakou, is the capital and largest city of Azerbaijan, as well as the largest city on the Caspian Sea and of the Caucasus region. It is located on the southern shore of the Absheron Peninsula, which projects into the Caspian Sea. The city consists of two principal...
.
Overview
The fund was established on December 29, 1999 by the PresidentialPresident of Azerbaijan
The country of Azerbaijan is a presidential republic, with the President of Azerbaijan as the head of state, and the Prime Minister of Azerbaijan as head of government...
Decree No. 240 in order to ensure intergenerational distribution of financial profits yielding from exploration, development and exploitation of Azerbaijani oil fields by safeguarding economic security for future generations. Shahmar Movsumov has been the Executive Director of the fund since May 15, 2006. The supervisory board consists of seven members, including two members of the Milli Majilis
National Assembly of Azerbaijan
The National Assembly , also transliterated as Milli Majlis is the legislative branch of government in Azerbaijan. The unicameral National Assembly has 125 deputies: previously 100 members were elected for five-year terms in single-seat constituencies and 25 were members elected by proportional...
, who are nominated by the Speaker of Parliament.
The fund conducts trading on New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
and will be enhancing its financial operations in domestic stock market as well.
As of August 2010, the fund assest are reported at $18.1 billion with AZN
Azerbaijani manat
The Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"...
6.1 billion earned and AZN 2.6 billion spent in the first half of 2010. AZN 2.455 billion was transferred to the state budget, AZN 34 million were spent on improvement of social conditions of Azerbaijani refugees and IDP
IDP
IDP may refer to:* Identity Provider , the source for validating user identity in a federated identity system.* IDP Education, an educational organization based in Australia* Independence code for Independence, Missouri, United States...
s; AZN 74.8 million and AZN 53 million were spent on reconstruction of Samur
Samur
Samur is a specialized and highly qualified emergency system of Madrid, Spain. The name stands for S.A.M.U.R....
-Absheron
Absheron
The Absheron peninsula, is a region in Azerbaijan. It is host to Baku, the biggest and the most populous city of the country, and also the Baku metropolitan area, with its satellite cities Sumgayit and Khyrdalan....
irrigation system and construction of Oghuz
Oghuz Turks
The Turkomen also known as Oghuz Turks were a historical Turkic tribal confederation in Central Asia during the early medieval Turkic expansion....
-Gabala
Gabala
Gabala can be either of the following:* Gabala , a genus of nolid moths* Gabala, a town in Angola* The Spanish languageIt also is a variant spelling of:* Jabala, a Christian city in Syria during the Middle Ages...
-Baku
Baku
Baku , sometimes spelled as Baki or Bakou, is the capital and largest city of Azerbaijan, as well as the largest city on the Caspian Sea and of the Caucasus region. It is located on the southern shore of the Absheron Peninsula, which projects into the Caspian Sea. The city consists of two principal...
water supply system, respectively; AZN 1.5 million for financing of Baku-Tbilisi-Kars Railway and AZN 2.8 million for education abroad in 2007-2015 programs of Azerbaijani youth.